| Company: | Impath, Inc. |
| Ticker Symbol: | NASD: IMPH |
| Class Period: | February 21, 2001 through July 29, 2003 |
| Court: | Southern District, NY |
| Date Filed: | Jul-30-03 |
| Lead Plaintiff Deadline: | Sep-29-03 |
| Allegations: |
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing numerous positive statements throughout the Class Period regarding the Company's financial performance. As alleged in the complaint, these statements were each materially false and misleading when made as they failed to disclose and misrepresented the following material adverse facts which were then known to defendants or recklessly disregarded by them: (a) that the Company was failing to timely record an impairment in the value of its accounts receivables. As a result, the Company's reported financial results were artificially inflated throughout the Class Period; (b) that the Company was failing to properly account for its GeneBank(TM) asset, thereby overstating its reported financial results; and (c) as a result of the foregoing, the Company's financial statements published during the Class Period were not prepared in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.
On July 30, 2003, Impath shocked the market when it issued a press release announcing that it had initiated an investigation into possible accounting irregularities involving accounts receivables which the Company believes have been materially overstated and will likely require restatement. Following this announcement, shares of Impath common stock were halted from trading.
If you acquired the securities of Impath, Inc. during the Class Period you may, no later than September 29, 2003, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
